Economy, mid-price, and upscale extended-stay hotels reported record high second-quarter demand in 2021, according to The Highland Group. Overall, extended-stay demand was 11 percent higher in the second quarter of 2021 compared to the second quarter of 2019, the previous high water mark.
Revenues at economy and mid-price extended-stay hotels were considerably higher than their nominal value in the second quarter of 2019, according to the report. Additionally, the upscale segment has gained back more than 90 percent of its revenues.
“Record high demand, rapidly increasing ADR, and a large decline in the supply pipeline indicate continued acceleration of the extended-stay hotel recovery in the near term,” says Mark Skinner, partner at The Highland Group.
Photo: Valentin J-W from Pixabay